Aramco ready for IPO, awaiting government approval: CEO

Saudi Arabian Oil Co. (Saudi Aramco) is fully ready for its initial public offering (IPO) in the second half of this year, and is awaiting clearance from the Saudi government, Aramco president and CEO Amin Nasser told CNBC on the sidelines of World Economic Forum in Switzerland.

"In terms of readiness, we are ready. As we always said, the company by the second half of 2018 will be ready," Nasser said.

Nearly 5 percent stake in Aramco is expected to be sold, valuing the firm as high as $2 trillion and making this the largest IPO ever.

"So from our side as a company, we are ready by the second half of this year, and the rest is on the shareholder's hands," he said.

Currently, Aramco is fully owned by the Saudi government.

As for the venue of the listing, Nasser said the decision lies with its shareholder as the firm would need to coordinate with the other markets when the decision is made.